SunLife Cost of Dying Report 2020

As a leading provider of Over 50s insurance plans, SunLife has produced annual reports on the cost of dying in the UK since 2007. The cost of dying basically takes account of the price of a basic funeral, memorial services and various professional fees. According to this year’s SunLife cost of dying report, in 2020 an average funeral will cost a staggering £9,493. According to SunLife’s findings, funeral costs have risen by 3.1% since last year and since 2007 by a whopping 42%. Other figures show that the greatest contributor to the cost of dying is the funeral itself, which costs on average £4,417. This represents a rise of 3.4% since 2018. In the last decade, funeral costs have risen by 62%, which is exorbitantly high compared to price rises in other sectors, such as fuel, energy and house prices. Furthermore, according to the latest report, figures from the last fifteen years suggest that within three years the cost of dying could rise to more than £10,000. With prices sky high and increasing, other options do exist, offering a cheaper funeral. This year, burial remains the most expensive option while direct cremation is the most affordable option. In fact, SunLife’s research shows that the cost of a cremation has also increased, by 3.7% since last year. However, the cost of a direct cremation fell by 5% and, this year, will cost an average of £1,626. Other costs which feature as part of most funerals include professional fees, memorials, transportation, flowers, funeral notices and death notices. While the average cost of memorial services has decreased by 3.5% to £2,771, the average cost of memorials has increased by 11.9% to £2,306.

The greatest contributor to the cost of dying is funeral expenses. You can avoid paying exorbitant and ever-rising costs, by choosing one of Empathy UK’s prepaid funeral plans.

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